Campbell Wealth Advisors

01/06/2025

🎉 Big News for 2025! 🎉

Clarion Wealth Management is now Clarion Tax & Wealth Strategies!

New name, same dedication to your financial success.

10/30/2024

Which of the following mindsets best reflects yours? 🤔

I read an interesting article by entrepreneur, best-selling author, and speaker Seth Godin that breaks down 5 common mindsets:

1️⃣ The Journey Lovers: Motivated by learning itself, they prepare and train regardless of external events.

2️⃣ The Fierce Competitors: Always striving to outdo others, adapting their efforts to stay on top.

3️⃣ The Almost-Wins: Motivated by competition but held back by internal limits.

4️⃣ The Pack-Followers: Willing to put in effort but never see themselves as frontrunners.

5️⃣ The Minimum Effort Club: Finding satisfaction in doing the least possible.

Key takeaway: While these "hats" can change over time, some believe the most resilient choice is to push yourself rather than wait for others to do it.

Which hat are you wearing today? 🧢

10/28/2024

Just read about a pretty good iPhone hack, so I thought I’d share!

Have you ever wanted to take a picture but missed it trying to open your camera?

Or wanted to take a quick screenshot and struggled to push the buttons on both sides simultaneously?

Did you know you can set it up so that you can make either of these happen just by tapping the back of your phone? 🤯 Here's the scoop on "Back Tap":

⚡️ Quick Setup:
Settings > Accessibility > Touch > Back Tap
You’ll see two choices: “Double Tap” and “Triple Tap.” Each lets you tell your phone to do something when you tap its back twice or three times.

🎯 Cool uses:
✅ Take a quick screenshot
✅ Use your camera quickly
✅ Mute ringer instantly
✅ Turn on the flashlight

🤔 What would you use Back Tap for? Share your ideas below!

10/25/2024

Have You Heard of the "Mega Backdoor Roth"?

📊 How it works:
Make after-tax contributions to your 401(k)
Convert those contributions to a Roth IRA or Roth 401(k)

2024 Limits:
Standard 401(k) limit: $23,000 ($30,500 if 50+)
Mega Backdoor potential: Up to $69,000 total ($76,500 if 50+)

🔑 Key Points:
✅ Bypasses Roth IRA income limits
✅ Allows for tax-free growth
✅ Not all 401(k) plans offer this choice

⚠️ Important considerations:
Tax implications of conversions
Impact on employer matching
Your overall financial goals
Current vs. future tax rates
This post is not a replacement for real-life advice. Your tax professionals can help you learn more about the tax implications of a mega backdoor Roth.

🔍 Is it right for you? Check if your plan allows:
After-tax contributions
In-service distributions or in-plan Roth conversions

✅ Once you turn 73, you must take the required minimum distribution from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.
✅ With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances. The original Roth IRA owner is not required to take minimum annual withdrawals. With a Roth 401(k), employer matching with pre-tax dollars is not distributed tax-free during retirement.

If you’d like to learn more about Backdoor Roth IRAs or discuss your retirement strategy, feel free to message us.

10/23/2024

🔌 Does an electric car always save you money?

We've heard from more clients asking about electric vehicles (EVs). So, we thought we’d share some of the pros and cons of EVs that you might not be familiar with:

Pros:
➕ You may be eligible for a clean vehicle tax credit of up to $7,500 on a new car. But this incentive can change without notice, so you’ll want to consult your tax, legal, or accounting professional.

🔧 EVs have fewer moving parts, which can mean less maintenance. No more 3,000-mile oil changes!

⚡ Driving an EV costs only 3–5 cents per mile, compared to about 15 cents for gas cars. EVLife in April 2024 explained that that’s 3–4 times cheaper!

Cons:
🏠 Home charging installation costs can vary widely: $300–$600 for essential equipment and over $4,000 for complex setups, according to 2023 research from Capital One.

🚗 Insurance alert: EV premiums can be higher. Policy prices depend on a wide range of factors, including the specific model.

⚡ Finding an open EV charging port may be challenging, depending on where you live and drive.

Hope this was helpful! We help clients explore these types of decisions and integrate them into an overall financial strategy. Feel free to message!

10/21/2024

🤔🤔 Ever thought, "If only I'd known how this would turn out, I would've done it differently"?

Thought this decision-making hack from entrepreneur Uri Levine was pretty interesting:

Ask yourself: "Knowing what I know now, would I do something different?"

Levine focused on the importance of making tough decisions early, saying that many start-ups fail because leaders avoid hard calls, like fixing communication issues.

At work, it might help you:
🤔 Decide if it's time to let underperforming assets go
🚀 Choose to take on a big change management project
🔄 Determine if you should implement a new technology system

As a financial professional, there are times when I use this approach to guide my clients. Reflecting on what I know now helps me make aligned decisions for their financial futures.

Bottom line: Insights from our experiences are invaluable. What decision are you facing right now? Maybe this approach can help you navigate it.

10/18/2024

🚨Are major changes ahead for your estate strategy?🚨

With National Estate Planning Awareness Week just around the corner, it's the perfect time to examine your legacy strategy more closely, especially since some changes may be on the horizon.

The Tax Cuts and Jobs Act (TCJA) of 2017 increased estate tax exemptions, but unless Congress acts, these changes expire at the end of 2025, according to a 2024 report from the Tax Foundation.

➡️ Here's what you need to know:

👉 2024 Exemption: $13.61M for individuals, $27.22M for couples.
👉 Post-2025: The exemption amount will revert to 2017 levels (adjusted for inflation).

Why Act Now?

With potential changes on the horizon, taking a proactive approach may put you in a better position to manage your estate in 2026 and beyond.

💡 Everyone should consider creating an estate strategy. A financial professional can monitor the landscape of estate law and keep you updated on the status of potential changes!

10/16/2024

Are you someone who owns an S&P 500 index fund? Perhaps it is part of your company-sponsored retirement plan.

Keep this in mind: The S&P 500 has changed since 2023, with large-cap technology stocks playing a larger role in index performance.

In fact, technology and financial stocks make up roughly 40% of the S&P 500, up from less than 15% in 2023, according to a July 2024 report in the Wall Street Journal. Tech stocks alone represent about 30% of the index! 🚀

🔍 Other Insights for the WSJ report:
➡️ Increased Sensitivity: The index is now more sensitive to interest rates due to its tech and financial stock concentration.
➡️ Global Correlation: There's a higher correlation with other global indexes, which some investors may be overlooking.
➡️ Implications for Diversification: The S&P 500 offers some diversification, but it may be more limited at this point. Remember, diversification is an approach to help manage, but not eliminate, investment risk if security prices decline.
➡️ Past Performance: The S&P 500 Composite Index is an unmanaged index that is considered representative of the overall U.S. stock market. Index performance is not indicative of the past performance of a particular investment. Past performance does not guarantee future results. Individuals cannot invest directly in an index.

If the S&P 500 is part of your investment strategy, you may want to take a closer look at the index. Connect with us if you need help.

10/15/2024

You've allocated your assets; you just may not realize it yet.

Consider how your assets are allocated and if that allocation is consistent with your time frame and risk tolerance.

10/11/2024

🚨 Medicare Open Enrollment is here! 🚨

Key Dates:
🗓️ Start: October 15, 2024
🗓️ End: December 7, 2024

This annual window is your opportunity to:
🔍 Review Your Coverage: Ensure your current plan still meets your needs.
📊 Compare Plans: Explore new options that might offer better benefits or lower costs.
🔄 Make Changes for 2025: Adjust your plan to better suit your health and financial situation.

💡 Did You Know?
👉 Medicare Advantage Plans: These often include extra benefits like vision, dental, and wellness programs that Original Medicare doesn't cover.
👉 Prescription Drug Plans: Even if you don't take many medications now, enrolling in a Part D plan can protect you from high costs in the future.
👉 Medigap Policies: These supplemental plans can help cover out-of-pocket costs not covered by Original Medicare, such as copayments, coinsurance, and deductibles.

📞 Questions about Medicare and your financial plan? Let's chat. We're here to help you navigate your options and ensure your healthcare coverage aligns with your financial goals.

10/11/2024

Making objective choices can be tough when investing, but many savvy investors know how to keep their decisions emotion-free.

Savvy investors take the time to separate emotion from fact.

10/09/2024

🚨 Are You Doing These to Protect Your Identity?

In today's digital age, identity theft is a major threat. Take a moment to check if you're taking these steps to help safeguard your personal and financial info:

✅ Freeze your credit: Prevent unauthorized access to your credit report by freezing your credit

✅ Don’t let your mail sit uncollected for too long. Don’t give thieves time to steal sensitive documents from your mailbox.

✅ Consider shredding documents with personal information. A household shredder can be used on documents with personally identifiable information.

✅ Opt out of prescreened credit offers: Manage the risk of fraud.

✅ Use unique passwords: Don’t use the same password for your accounts.

✅ Bypass the PIN at the gas pump. Use your zip code instead of your PIN, if possible.

✅ Safe disposal of digital devices. Properly disposing of old digital devices is a key–but often overlooked–part of identity theft.

✅ Consider identity theft protection services for added security.

If you suspect identity theft, watch for signs like unexpected bills or loan denials. The next step to consider is placing fraud alerts or security freezes on your credit reports.

Protecting your identity is crucial for financial health. Stay vigilant and implement these measures. If you have concerns, reach out. We're here to help provide you with information that can help improve your personal finances. 💼💡